What Is Blockchain Wallet?

Blockchain.com's DeFi Wallet (also called Blockchain Wallet) is the name of the decentralized finance wallet service provided by Blockchain.com, a cryptocurrency exchange founded by Peter Smith and Nicolas Cary. Its DeFi wallet allows you to manage, trade, swap, and use cryptocurrencies via Blockchain.com DEX (decentralized exchange).

The DeFi wallet also lets you conduct cross-chain swaps using Squid, a cross-chain service provided by Axelar. At the time of writing, Squid allowed for cross-chain swaps across 37 Ethereum Virtual Machine-compatible blockchains, including Ethereum, Polygon, and Arbitrum.

Creating a Blockchain DeFi Wallet

To create a DeFi wallet, you'll need to open an account on Blockchain.com. Once you create the account, you can download the wallet from your device's application store and log in using the same credentials. You can also use the wallet from your web browser.

When you create a wallet, you're limited to using the decentralized exchange unless you go through the exchange's know-your-customer (KYC) procedure to gain full access to its custodial account and exchange services.

The Blockchain DeFi Wallet interface shows your current balance for crypto-assets and most recent transactions. You can also access the price charts and see the value of the funds in your local currency. If you have questions, there is a support center section with topics and frequently asked questions.

If you've chosen Blockchain.com's custodial service account, you'll see an account tab in your app next to the DeFi Wallet tab, where you can access the custodial account's features.

Using Blockchain DeFi Wallet

You can buy, sell, or swap cryptocurrency or other compatible crypto assets on the DEX. You click on "Send" or "Receive" and search for the cryptocurrency you want to use. "Receive" makes the system generate a unique address that can be sent to a third party or converted into a Quick Response code (QR code). A QR code is similar to a barcode, which stores information and can be read by a digital device. When you click "Send," you choose the cryptocurrency you want to send, enter the recipient's address, choose the amount, and send it, much like sending money through PayPal.

You can also exchange cryptocurrencies from different blockchains, known as swapping—DeFi Wallet's swapping function supports 16 cryptocurrencies. This practice is an easy way to switch out crypto without leaving the security of Blockchain Wallet. You're shown a quote indicating how much you will receive based on the current 澳洲幸运5官方开奖结果体彩网:exchange rate, with the rate changing depending on how long it takes to complete the transaction. Swaps could take a couple of hours, depending on each currency's 澳洲幸运5官方开奖结果体彩网:blockchain.

Blockchain DeFi Wallet Fees

It's important to note that the Blockchain DeFi Wallet does not charge additional fees on top of the network fees to pay miners and validators. If you're conducting a cross-chain swap, you'll have to pay any required blockchain fees (generally, both networks will require transaction fees).

Both the transaction size and the conditions of the network at the time of the transaction can greatly impact the size of the fe💃e. Only so many transactions can be processed within a block by miners or vꦏalidators, and most blockchains prioritize transactions with higher fee offerings.

Blockchain DeFi Wallet Security

Wallet security is an important consideration for users, as a compromised account may result in users losing coᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚntrol of their assets. Blockchain DeFi Wallet has several levels of security that helps protect user funds from any possible attacker.

Passwords

Blockchain.com wallets and accounts require passwords for user protection. You're also able to login using your 12 word mnemonic phrase, but the exchange doesn't store this for you.

Mnemonic Seeds

A mnemonic seed is a random string 🗹of English words that function similarly to a password. If you lose access to your phone or device, the seed can be used to restore the wallet, including any cryptocurrencies.

Optional Security Methods

IThere are several optional security measures that are not required but can help secure wallets against outside attacks. To reduce the danger of phishing, the Blockchain DeFi Wallet can use 澳洲幸运5官方开奖结果体彩网:two-factor authentication or IP whitelists to prevent log-ins from unfamiliar devices. It is also possible to block access through the Tor network, thereby preventing prospe♕ctive Tor network users from attempting to access your wallet through the network.

Another technique you can choose is Password-Based Key Derivation Function 2 (PBKDF2), commonly called password stretching. This cryptographic technique hashes passwords, making them very difficult to brute force, guess, or manipulate.

The Bottom Line

Blockchain.com is a cryptocurrency exchange that provides a wallet for cryptocurrency users. The company calls it DeFi Wallet (it's also called Blockchain Wallet by some). This wallet can store your crypto keys and give you access to Blockchain.com's decentralized exchange. If you're looking for a regulated exchange to trade on in addition to a free decentralized exchange experience, Blockchain.com's Account gives you access after you provide proof of your identity.